Once making headlines for football, Bernie Kosar continues to get caught in the spotlight but a less flattering one.

Kosar became noticed when playing for the University of Miami Hurricanes in the early 1980s. After a successful college career as a quarterback, Kosar was drafted by the Cleveland Browns in 1985. During the 1993 season, Kosar was released by the Browns and signed a one year contract with the Dallas Cowboys. During his final three years in the NFL, Kosar returned to Miami to play with the Dolphins.

After football, Kosar was involved with several financial ventures, which unfortunately, didn’t work out in his favor. During his divorce, Kosar filed for bankruptcy in June:

“It is hard to believe he filed a bankruptcy petition in June, but a bad economy, bad advice, a bad divorce and a bad habit of not being able to say “no” have ravaged him. He says financial advisers he loved and trusted mismanaged his funds, doing things like losing $15 million in one quick burst. There’s a $4.2 million judgment against him from one bank. A failed real-estate project in Tampa involving multi-family properties. A steakhouse collapsing with a lawsuit. Tax trouble.”

The NFL star filed for Chapter 11 bankruptcy on June 19. Businesses usually file for Chapter 11, but individuals with large debts can, too. The petition indicated Kosar has assets estimated between $1 million and $10 million and liabilities between $10 million and $50 million.

The filing listed Kosar’s largest unsecured creditors, owed a combined $19.5 million, including the Cleveland Browns, nearly $1.5 million; his ex-wife Babette, $3 million in a divorce settlement; and Jim Ferraro, a Coral Gables lawyer and the owner of the Cleveland Gladiators, $725,000.

In 2007, Kosar’s wife, Babette, filed for divorce. She accused him of acting ”financially irrationally and irresponsibly” by ”giving away money,” according to court documents.

“It [the divorce] has been a public disaster, with him being accused of several addictions, of erratic behavior and of giving away the couple’s money.

Bernie says he has no interest in fighting with his estranged wife publicly or privately because “I can’t live vengefully in front of my kids. Why subject them to that? I don’t want to fight anybody. I don’t want hate or anger in their life. I may hurt me, but I wouldn’t hurt anybody else.”…He says the divorce has cost him between $4 and $5 million already.”

Kosar and his wife have four children. With all his financial trouble and heartbreak from the divorce, Kosar is focusing his time and attention on his children:

“He has poured himself into being Dad, but it isn’t easy. Kids listen more from 2 to 10 years old. But now there are the perpetual parental concerns of cars, driving, drinking, drugs, sex.

“I’m outnumbered now,” he says.

And he has no clue how to help girls become women, although he gets moved to the brink of tears when his girls tell him they appreciate how hard he’s trying… He has found therapy in learning how to clean the house with the kids and dealing with life’s smaller headaches.”

Source: The Miami Hearld – “The Life and Times of Bernie Kosar in 2009: Not many wins, far too many losses” and “Ex-Miami Hurricane Bernie Kosar files for Bankruptcy”

This entry was posted on Wednesday, July 15th, 2009 at 11:49 am and is filed under Celebrity Divorce. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.